While there may be positive signs in the world economy here and there, not everything is rosy. For instance, while economic growth in the UK has held up better than expected after the Brexit vote, it has slowed, particularly in the manufacturing and construction industries.
In addition, the British pound has been on a rollercoaster ride amid the political turmoil over Brexit, and analysts predict it will continue to show volatility as debate over the decision continues. This is the reason why it’s becoming ever more important to save up–you’ll never know what will happen and if you’ll have enough for when times get tough.
One way to save is to reduce the amount you spend on a daily basis. Remember that even small savings on daily outgoings can quickly add up, giving you something to fall back on.
Revisit your food budget
If you already have a monthly, weekly or daily budget in place, it’s time to revisit it and work out where you can further reduce your outgoings. For example, food is one of the biggest expenses for most households and one of the areas where you can save money. One way is to shop for food using voucher codes to get discounts and bring your outgoings down.
Plan your meals in advance, check out discount codes that apply to the food items you need and apply these codes whenever you shop. Sign up for membership and shop in supermarkets that provide free delivery. Doing so will cut your food and transportation costs and will save you time as well.
Avoid dining out! Pack food whenever you go out instead. By eating your own food, you avoid spending on overpriced–and sometimes unhealthy–meals, not to mention tips.
The same goes for coffee. How many times do you visit coffee shops and how much do you spend? Do you drink coffee you are absolutely certain you cannot make yourself? Take time to rethink your coffee expenses–even a few pounds a day can quickly add up. Of course, you don’t have to ditch buying coffee at cafes forever (unless you want to)–but you can make it at home most of the time.
Go for sustainable transport options.
Road transport accounts for nearly 25 percent of the UK’s carbon dioxide emissions, and you can do your part in addressing this issue whilst making carbon and financial savings by considering transport options that are sustainable and economical.
If you can and where possible, walk or cycle on short journeys instead of using your vehicle. Going about on foot or pedalling to your destination is free and has the added benefit of keeping you fit. You can also consider using public transport for some journeys and even carpooling with colleagues. These methods will cut your carbon emissions and petrol usage, letting you save money on a daily basis.
Shop around for utilities.
Shop around for the best deals on gas, electricity and phone deals. You can use price comparison sites to evaluate which company can give you the most value for money. Phone deals and broadband packages are getting more and more competitive, so take time to do your research and compare packages. If you don’t use your mobile often, you may be better off on a tariff that lets you pay as you go.